CFA Practice Test

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CFA Practice Questions Free

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Q:1-An economy that experiences the law of increasing costs and shifts resources from automobile production to computer production in order to increase computer output by fixed increments must:
Mark one answer:

be inefficient.
be shrinking, be growing.
operate beyond its production possibilities curve in the impossibilities region.
give up increasing amounts of automobiles.



Q:2-An innovation is a change in the way that a good is produced such that:
Mark one answer:

economic growth decreases.
the amount of labor used increases.
the same amount of resources can produce a larger output.
computers are used in production.


Q:3-Production efficiency is achieved when:
Mark one answer:

the ability is gained to produce goods and services that are desired beyond the PPF boundary.
producing one more unit of one good cannot occur without producing less of some other good.
producing inside the production possibilities frontier.
all goods and services desired by consumers can be produced in the economy.


Q:4-Why do people trade with each other instead of living on what they themselves produce?
Mark one answer:

So you can take advantage of others and maybe get something for nothing.
Because that is what everybody else does.
To be able to amass large amounts of money like scoorage.
By engaging in trade people can raise their standard of living.


Q:5-The production possibilities frontier shows:
Mark one answer:

Attainable combinations of two products that may be produced with available resources.
the various products that can be produced now and in the future.
what an equitable distribution of products among citizens would be.
None of these.


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Q:6-Which of the following is assumed when setting up a production possibilities frontier?
Mark one answer:

Technology is fixed.
Only two products are produced.
Resources supplies are fixed.
All of these assumed when seeting up a production possibilities forever.


Q:7-Which of the following terms means the highest valued alternative given up when a person chooses to engage in an activity?
Mark one answer:

Dollar Cost.
opportunity cost.
Accounting Cost.
none of these.


Q:8-Which of the following best describes the principle of opportunity cost?
Mark one answer:

In a market economy taking advantage of profitable opportunities involves some money cost.
The Cost of production varies depending on the opportunity for technological application.
The economic cost of using a factor of production is the alternative use of that factor that is given up.
Taking advantage of investment opportunities involves costs.


Q:9-if the production possibilities frontier is graphed as a straight line what does this mean?
Mark one answer:

Nothing there is no significance of a straight line production possibilities frontier.
It is easy to efficiently produce output.
Opportunity costs are constant as production shifts from one produc to the other.
Opportunity costs are increasing as production ahifts from one product to the other.


Q:10-Which of the following is not a non-tariff barrier?
Mark one answer:

A quota on apparel.
A tax equal to 12% of value on imported oil.
A voluntary export restraint on cars.
A regulation requiring government agencies to favor domestically producers.



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